June 15, 2012

Latvia's Dobeles Dzirnavnieks' sales up 61% on-year

In 2011, Latvia's Dobeles Dzirnavnieks earned LVL56.847 million (US$103 million) in sales, up 61% on-year, and profit rose more than 2.3 times to LVL2.534 million (US$4.6 million), according to the company's financial report published at the Latvian business register.

The company's management report said that the company's sales growth can be explained with Dobeles Dzirnavnieks' active operations in the export markets and participation in different projects. Last year the company exported 44% of its total turnover.

Last year Dobeles Dzirnavnieks processed 136,000 tonnes of grain, growing by 36,000 tonnes from 2010.

The company's management underscored that in 2011 the company's sales rose by 79,000 tonnes or 63.7%, including sales of grain food products by 10,000 tonnes or 19.2%, and sales of animal feed by 32,000 tonnes or 74.4%.

Dobeles Dzirnavnieks last year also invested LVL6 million (US$10.9 million) in upgrading of technical resources and new plants. The company last year also continued developing its IT system.

Dobeles Dzirnavnieks management also said that this year the company plans to invest at least LVL3.5 million (US$6.3 million) in development. The company plans to retain sales of its main products, launch new products in the market, optimise the company's management and structures to increase productivity, and certify its mills and pasta plant.

In 2010 Dobeles Dzirnavnieks generated LVL35.296 million (US$64 million) in sales, which is a 44% rise from 2009, and showed a growth of profit by 58% to LVL1.101 million (US$2 million).

The main business operations of Dobeles Dzirnavnieks include storage and processing of grain and grain products, production of all types of flour and flour mixtures, production of manna, groats, pearl barley, food grade bran, processing of buckwheat, packing of food products, production wholesale, retail sales and supply of fodder in the whole territory of Latvia.

Dobeles Dzirnavnieks is fully owned by Invest DD company that belongs to Estonian company Tartu Veski.